By: George Shirley Opinions expressed are those of George Shirley and not necessarily those of RJFS or Raymond James
When investing and organizing your financial life is not a top priority, it can take a back seat to other things. I have had potential clients who agree conceptually to a proposal and series of necessary steps, but when it comes time to implement tell me they are going to invest:
- After the holidays.
- After I get my taxes together.
- After spring break
- After school is out
- After vacation
- After we get back to school
- After Thanksgiving
- See #1 and repeat.
There is always a reason to wait to do something and taking some time to thoroughly understand what you are doing is definitely a prudent decision. But continuing to defer taking action is still a decision; a decision of inaction. Although standing pat can provide some level of comfort in the near term, if you look forward 10, 20, 30+ years from now, you would have almost certainly preferred to start investing sooner rather than later.
On any journey, the first step is a significant one and often the hardest. And this can be applied to all aspects of your financial life: getting adequate insurance, getting your wills in order, naming guardians for your children etc. Your future self will thank you for making the decision to begin.